EQT to sell majority stake in real estate platform idealista in EUR 2.9 billion transaction

eqt
  • EQT, which acquired idealista in 2020 at a EUR 1.3 billion valuation, will retain an 18 percent stake
  • Cinven will acquire 70 percent of idealista; funds advised by Apax and Oakley will sell their shareholdings
  • Jesus Encinar, founder and Chairman of idealista, will also retain his stake and continue to lead the Company alongside the management team

EQT is pleased to share that the EQT IX fund (“EQT”) has sold its majority stake in idealista (the “Company”). The transaction values idealista, which is the leading real estate platform in Spain, Italy, and Portugal, at EUR 2.9 billion. Cinven has signed an agreement to acquire a 70% stake in the Company. EQT originally acquired idealista in 2020 in a deal that valued the firm at EUR 1.3 billion and will retain an 18 percent share in the Company following the transaction.

Bert Janssens, Partner and Head of the Private Equity Europe advisory team, said: “Over the past four years idealista has entrenched its leading position in the Spanish and Portuguese market and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in idealista’s future potential and are excited to remain invested.”

Jesus Encinar, founder and Chairman of idealista, will continue to lead the Company alongside the existing team, added: “This is excellent news for idealista and our team. We’re pleased that EQT will remain a minority shareholder and look forward to continuing our successful partnership for the coming years.”

The transaction is subject to customary conditions and approval.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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CapMan Residential Fund makes its second investment in Sweden through the acquisition of a forward funding project in Ursvik, Sundbyberg

Capman

CapMan Residential Fund makes its second investment in Sweden through the acquisition of a forward funding project in Ursvik, Sundbyberg

CapMan Residential Fund acquires a forward funding project in Ursvik, Sundbyberg. The project is situated 10 km north of Stockholm city center and comprises 289 rental apartments, an underground parking garage with 85 parking spaces and two small commercial premises. The project is acquired from Reliwe, and the development and construction will be managed by Reliwe and Consto with expected completion in early 2027. Ursvik is a strong location in one of Sweden’s fastest-growing municipalities and offers excellent public transport connections for the residents in the area, ensuring convenient commuting to Stockholm city center and major hubs like Kista, Arenastaden and Bromma.

The acquisition is the ninth investment for CapMan’s pan-Nordic core residential fund. The investment fits well with the fund’s strategy to invest in attractive locations in the largest Nordic cities and in assets with strong sustainability profiles.

The asset will be certified with BREEAM, the Nordic Swan Ecolabel and aims to be EU Taxonomy aligned. It will achieve an EPC rating of level B at minimum and feature both geothermal heating and solar panels. Additionally, the future tenants will be provided with parking spaces equipped with EV chargers in the parking garage and have access to a car and bicycle pool, offering convenient and
eco-friendly transportation options.

“We are excited to secure our second investment in Sweden for our residential fund, marking the first within the Greater Stockholm area. This high-quality project is a fantastic addition to the existing portfolio and aligns well with the fund’s strategy to further expand its presence in Sweden. The strong sustainability profile of the project demonstrates our commitment to responsible investing,” says Pontus Danielsson, Investment Associate at CapMan Real Estate.

Since its inception in 2021, the open-ended core residential fund has successfully raised and invested nearly €1 billion of equity and aims to reach €2 billion by 2026. “We are excited about this investment and look forward to continue expanding our portfolio in Sweden and throughout the Nordics in the years ahead,” comments Magnus Berglund, Partner and Head of CapMan Real Estate Sweden and Norway.

“Our strong focus on asset quality and market selection gives us flexibility in different market conditions. We have built a dedicated investment and operating platform focused on the residential sector that enables us to develop properties at scale. As a developer, we are excited to continue supporting CapMan’s accelerated growth in the years ahead. We are impressed by the operating team at CapMan and look forward to working closely with them while delivering a fantastic residential project in Ursvik,” adds Gurmo Endale, Partner at Reliwe.

CapMan Real Estate manages approximately €4.4 billion in real estate assets, with a team of over 80 professionals located in Helsinki, Stockholm, Copenhagen, Oslo, London and Jyväskylä.

For further information, please contact:

Magnus Berglund, Partner and Head of CapMan Real Estate Sweden and Norway, +46 70 786 68 08

Pontus Danielsson, Investment Associate at CapMan Real Estate, +46 70 385 58 00

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 5.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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CapMan Real Estate signs 20-year lease agreement with Nobis in Stockholm

Capman

CapMan Real Estate signs 20-year lease agreement with Nobis in Stockholm

CapMan Real Estate and Nobis Hospitality Group have entered a 20-year lease agreement for a new hotel operation in the Royal Haga project in Stockholm. The historic property Solna Kasernen 1 will become a unique facility with a hotel, restaurant, spa, conference rooms and offices.

The property is located in Hagaparken in Stockholm, offering an excellent location by Brunnsviken with proximity to both nature and the city. CapMan will initiate an extensive refurbishment to create a unique world-class destination hotel, and the facility is expected to open after the summer of 2025. The historic building was constructed between 1917-1922 as a military regiment and has previously been used as office space and for hotel operations. The newer part of the hotel was built in the 1990s and has been renovated in various stages. Kasernen 1 was named after the military activities conducted on the property until the early 1970s.

A destination for all purposes

When renovated, the hotel will have 215 rooms, large social areas, and a fantastic spa facility that will be one of the largest in Sweden with an accompanying wellness club. A high-standard restaurant will also be part of the hotel and open to both hotel guests and the public.

“We are excited to finally announce that Nobis will operate the hotel and attract new visitors to Royal Haga. We look forward to taking the next step for this historic building by offering fantastic facilities for future tenants and visitors. We see enormous potential in the property, combined with its unique and beautiful location in Hagaparken in Stockholm”, says Kajsa Bagler at CapMan.

“We are happy to collaborate with CapMan on this project. This hotel facility has a huge potential, and we are looking forward to creating a destination that will offer high-quality experiences”, says Alessandro Catenacci, owner of Nobis Hospitality Group.

CapMan will completely refurbish the property to elevate the hotel to a high international standard. Demolition and reconstruction work has already begun and will resume in full scale after the summer. When acquiring the property in the fall of 2022, CapMan identified investments to make the property more energy-efficient, and this work will continue until the new facility opens to the public. The green transition will enable the building to be certified according to BREEAM In-Use.

CapMan and Nobis plan to present more detailed information about the upcoming destination hotel during the fall of 2024. Further information about the facility will be communicated continuously, including the opening date, official names of the hotel and office, and illustrative concept material for the new operations.

If you are interested in leasing an office with comprehensive services available within the building, please contact Kim Grüneberger at +46 72 161 14 42. For more information, please visit www.royalhaga.se/office.

CapMan Real Estate manages approximately €4.4 billion in real estate assets, with a team of over 80 professionals located in Helsinki, Stockholm, Copenhagen, Oslo, London and Jyväskylä. The property Solna Kasernen 1 was acquired by the CapMan Nordic Real Estate III Fund in 2022.

For further information, please contact:

Kajsa Bagler, Investment Manager, CapMan Real Estate, +46 76 850 98 94

Magnus Berglund, Partner, Head of CapMan Real Estate Sweden and Norway, +46 707 866 808

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 5.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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CapMan Real Estate announces strategic promotions and new role to bolster Nordic asset management

Capman

CapMan Real Estate announces strategic promotions and new role to bolster Nordic asset management

CapMan Real Estate makes key organisational enhancements including the introduction of a new leadership role to streamline Nordic asset management operations and support continued expansion.

Over recent five years, CapMan Real Estate has experienced substantial growth, with gross asset value under management surging by over €1 billion, reaching approximately €4.4 billion. The pan-Nordic team has also seen significant growth, now comprising nearly 80 professionals. To ensure smooth and efficient operations that support future growth, the company has made key organisational enhancements.

Effective 1 June 2024, Juhani Erke steps into the role of Chief Asset Management Officer (CAMO), overseeing asset management operations across the Nordic region. A CapMan team member since 2005, Erke will continue to serve on the CapMan Real Estate investment committee alongside CEO Mika Matikainen, CIO Torsten Bjerregaard, and COO Ilkka Tomperi. Erke’s extensive background in asset management and his long tenure as Head of Finland made him a perfect fit for this new position.

“CapMan Real Estate’s commitment to a fully vertically integrated business model, complete with an in-house asset management team, has been a cornerstone of our operations. The current expansion necessitates enhanced coordination of asset management activities across the Nordics. I am eager to collaborate with our local teams to foster a more streamlined asset management framework,” stated Erke.

With Erke’s transition to CAMO, Aleksi Konsti will assume the roles of Deputy Head of Finland and Head of Transactions, Finland, starting 1 October 2024. Erke will maintain his position as Head of Finland during the interim period.

Concurrently, CapMan Real Estate has promoted Investment Directors Marcus Lotzman and Hasse Wulff to the newly established positions of Head of Transactions Sweden and Head of Transactions Denmark, respectively, starting 1 June 2024. Their extensive experience and tenure at CapMan are invaluable assets to their new roles.

Magnus Berglund and Peter Gill will continue as Head of Sweden and Norway and Head of Denmark, respectively. Additionally, Anna Rannisto has been promoted to Sustainability Director, effective 1 April 2024. Under her capable leadership, CapMan Real Estate has made significant strides in establishing its sustainability objectives and effectively implementing its strategic plan.

“These strategic appointments and our recent talent acquisitions are instrumental in sustaining our growth trajectory. They enhance our ability to leverage the collective expertise of our Nordic team, fostering greater knowledge exchange and collaboration across CapMan Real Estate’s offices,” added Ilkka Tomperi, COO of CapMan Real Estate.

For further information, please contact:

Ilkka Tomperi, COO, CapMan Real Estate, +358 50 379 1903

Juhani Erke, CAMO and Head of CapMan Real Estate Finland, +358 50 549 5104

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 5.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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The Indo-Pacific Partnership For Prosperity, Global Infrastructure Partners And KKR Lead Creation Of Coalition To Mobilize Infrastructure Investment In The Indo-Pacific Region

KKR

SINGAPORE – June 6, 2024 – Today the Indo-Pacific Partnership for Prosperity (IP3), Global Infrastructure Partners (GIP), and KKR announced the formation of a new coalition to catalyze infrastructure investment in the emerging market partner economies of the Indo-Pacific Economic Framework (IPEF). GIP and KKR will serve as co-chairs of the new initiative.

The coalition aims to accelerate investment in infrastructure and support IPEF economies in achieving their economic development, human capital and sustainability goals. Coalition members will help facilitate the identification, promotion, and development of successful infrastructure projects across the region. They will also support coordination with governments, multilateral development banks and development finance institutions to create solutions to de-risk investments.

The co-chairs and IP3 will be joined in the coalition by other global investors and partners including: Allied Climate PartnersBlackRockGICThe Rockefeller Foundation, and Temasek. The coalition estimates that its members, taken together, have over $25 billion (USD) in capital that can be deployed in Indo-Pacific emerging market infrastructure investments in the coming years.

The coalition also includes the Center on Global Energy Policy (CGEP) at Columbia University’s School of International and Public Affairs (SIPA) as a knowledge partner.

“This coalition will play a vital role in increasing private infrastructure investment in Indo-Pacific emerging markets,” said David Talbot, Executive Director of IP3. “The coalition brings together Indo-Pacific investors, knowledge partners, governments, and development experts around the achievable mission of closing the investment gap in IPEF partner countries. IP3’s unmatched network of public, private and non-profit leaders is excited to help lead the formation of this investment accelerator.”

“GIP and KKR are proud to be leading this effort to help catalyze and enable infrastructure investment in the Indo-Pacific,” said Matt Harris, GIP Founding Partner and Co-Chairman of the investor coalition. “Together, we look forward to helping IPEF countries further their economic development and harness the opportunity private capital provides to advance efficiency and resilience in critical infrastructure.”

“There is a significant need to accelerate infrastructure investment to support Indo-Pacific countries in achieving their economic ambitions,” said Joe Bae, Co-Chief Executive Officer, KKR and Co-Chairman of IP3 and the investor coalition. “As one of the largest infrastructure investors in Asia, we see tremendous long-term opportunities in the region’s infrastructure and look forward to collaborating with the coalition to increase the deployment of private capital in the Indo-Pacific region.”

The coalition will initially focus on scaled infrastructure investments across the energy, transportation, water and waste, and digital sectors.

 

About Indo-Pacific Partnership for Prosperity

The Indo-Pacific Partnership for Prosperity (IP3) is a collaboration of public, private, and non-profit leaders dedicated to mobilizing capital and expertise to advance economic growth, sustainability, and inclusivity in the fourteen partner countries of the Indo-Pacific Economic Framework (IPEF). IP3 is a non-profit, non-governmental organization that works with partners across the region to strengthen the resilience of critical supply chains, accelerate the energy transition, and bolster workforce development and upskilling. For additional information, visit: https://www.indopacificpartnership.org/.

Launched in May of 2022, The Indo-Pacific Economic Framework (IPEF) is an initiative between the United States, Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam, which seeks to advance the resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness of the 14 IPEF economies. This partnership revolves around three of the Framework’s pillars to include supply chains, clean economy, and fair economy.

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Global Infrastructure Partners (GIP)

Global Infrastructure Partners (GIP) is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. Headquartered in New York, GIP has offices in Brisbane, Dallas, Hong Kong, London, Melbourne, Mumbai, Singapore, Stamford and Sydney.

GIP has approximately $112 billion in assets under management. Our portfolio companies have combined annual revenues of approximately $73 billion and employ over 115,000 people. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our investors’ capital and to create positive economic impact for communities. For more information, visit www.global-infra.com.

Indo-Pacific Partnership for Prosperity (IP3) Media Contact

Matt McAlvanah

+1-202-341-9362

media@indopacificpartnership.org

Global Infrastructure Partners (GIP) Media Contact

Mustafa Riffat
+1-646-216-7788
mustafa.riffat@global-infra.com

KKR Media Contact

Liidia Liuksila

+1-212-750-8300

media@kkr.com

 

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EQT Exeter to Acquire Five-Million-Square-Foot Industrial Assemblage from Prologis

eqt
  • Acquisition reflects EQT Exeter’s conviction in the industrial sector and emphasis on investing behind high-quality assets across the globe
  • Assemblage is strategically located along key logistics routes in the major metropolitan area of Minneapolis-St. Paul
  • EQT Exeter will leverage its unique, vertically-integrated operating platform to upgrade, reposition and re-lease the Assemblage

EQT Exeter, a leading global real estate investment manager, today announced that the EQT Exeter Industrial Value Fund VI (“EQT Exeter”) has acquired 20 industrial properties (“the Assemblage”) strategically located in Minneapolis, MN, from Prologis, Inc. (“Prologis”), with plans to acquire an additional four properties by the final closing date.

The Assemblage consists of over five million square feet and features a mix of bulk, light industrial and last mile facilities with an average building size of more than 200,000 square feet. The properties are located across four prime Minneapolis logistics submarkets and offer proximate access to the I-494/I-694 beltway around the Minneapolis-St. Paul Metropolitan Area, serving as a key logistics route in the region. The properties also reflect in-demand building specifications and functional designs required by today’s modern, blue-chip tenants. The properties are 90% leased by 54 unique tenants, of which approximately 20% are existing tenants within EQT Exeter’s portfolio, demonstrating the depth of our global tenant client relationships.

“This transaction highlights our continued conviction in the industrial sector and reflects our keen asset selection and ability to swiftly execute on compelling small-, medium-, or large-scale opportunities in today’s market, while many of our peers stay on the sidelines,” said Matt Brodnik, Partner and Chief Investment Officer at EQT Exeter. “EQT Exeter is well-positioned to unlock the inherent value of these functional, well-located assets through our extensive network of ‘hyper-local’ real estate professionals that provide real estate solutions to over 1,200 corporate tenants globally. In opening our 28th U.S. office in Minneapolis, we plan to locally serve many of our existing tenants and leverage our in-house leasing and property management teams to upgrade, reposition and re-lease the Assemblage.”

With a population of over four million people, Minneapolis-St. Paul is the nation’s 16th-largest Metropolitan Statistical Area situated over 400 miles from the nearest major U.S. population center. Given its segregation from the national supply chain, Minneapolis-St. Paul is a market that rewards deep local presence and operations. The market’s sizeable end-user consumer base also attracts major corporate tenants that EQT Exeter serves on a global basis across its existing portfolio.

“Our strategy of engaging with the community, embodied in our ‘locals with locals’ approach, will not only help to better serve our new and existing tenant clients, but also create opportunities to add additional high-quality properties to our Minneapolis-St. Paul portfolio,” said Steve Stein, Managing Director at EQT Exeter. Minneapolis continues to experience positive market fundamentals driven by its declining new construction pipeline and positive net absorption figures, along with continued rent growth acceleration, which will benefit owners of existing, high-quality assets.

“We are pleased to add the Assemblage to our portfolio and plan to position these assets for long term success, particularly through strategic capital improvements and sustainability-focused upgrades like energy efficient LED lighting and select solar array installations,” said Stein.

The entire transaction is expected to close during the second quarter of 2024, subject to customary closing conditions.

Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE National Partners.

Contact

EQT Press Office, press@eqtpartners.com

About EQT Exeter

EQT Exeter is a global real estate investment manager with nearly $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 440 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/

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KKR And Marriott International To Launch Midscale Hospitality Segment In Japan With Four Points Express By Sheraton

KKR

Conversion of 14 hotels marks Marriott International’s debut of affordable midscale segment in Asia Pacific

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Marriott International, Inc. (Nasdaq: MAR) today announced the launch of each company’s foray into the midscale hospitality space in Japan, which follows KKR’s completion of the acquisition of Unizo Hotel Company, Limited and a portfolio of 14 hotels in Japan from Unizo Holdings. The 14 hotels will be converted to Four Points Express by Sheraton. This marks Marriott’s entry into the affordable midscale segment in Japan and the brand’s debut in Asia Pacific following its global launch in this space in 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240506764860/en/

The portfolio of 14 hotels is located in major tourist destinations in 10 cities across Japan, including Hakodate, Morioka, Utsunomiya, Yokohama, Kanazawa, Nagoya, Osaka, Kyoto, Kobe, and Hakata. The properties are expected to open in the second half of 2024, adding more than 3,600 new rooms to KKR’s and Marriott’s respective hotel portfolios in Japan.

Four Points Express by Sheraton will offer value-conscious consumers a seamless hotel experience in convenient locations throughout Japan, with principles of reliability, simplicity and value in both the design and guest experience. The brand has been tailored to meet guests’ needs, and the brand standards contemplate an efficient cost model that is intended to provide an effective pricing strategy for franchisees and help drive meaningful growth for Marriott.

Rajeev Menon, President, Marriott International, Asia Pacific excluding China, said, “There’s a growing consumer demand for reliable-yet-affordable accommodation in the region. Our goal is to be everywhere our guests want us to be, with the right property in the right location, at the right price point. This collaboration with KKR will expand our ability to do exactly that – starting in Japan, with opportunity to grow our midscale presence in the region. Our new midscale brand will offer hotel owners an affordable conversion opportunity with an efficient operational design, access to Marriott International’s expansive distribution systems and the backing of our powerful award-winning Marriott Bonvoy travel program.”

Kensuke Kudo, Managing Director, Real Estate, at KKR, said, “International and domestic tourism in Japan has rebounded strongly since the pandemic and continues to pick up pace. As demand for midscale hotels grows rapidly, we see a tremendous opportunity to offer high-quality and comfortable accommodation at great value. We are delighted to be strategic partners with Marriott International, one of the world’s pre-eminent hotel companies, to launch the Four Points Express by Sheraton brand in Japan. By combining KKR’s real estate investment and operational expertise and Marriott’s deep hospitality experience, we look to deliver outstanding-yet-affordable lodging experiences to international and domestic travelers across Japan.”

This new midscale brand is part of Marriott’s award-winning Marriott Bonvoy® loyalty platform, which boasts over 200 million global members. It will leverage Marriott’s world class Global Sales Organization, and strong digital platforms like Marriott.com and the Marriott Bonvoy mobile app, to generate direct bookings.

KKR is making this investment from its Asia Pacific real estate strategy. This transaction marks KKR’s latest real estate investment in Asia Pacific and builds on KKR’s momentum investing in Japan’s real estate sector, including making investments in: an iconic full-service hotel located in Shinjuku; KJR Management (formerly Mitsubishi Corp.-UBS Realty Inc.), a leading Japanese real estate manager that oversees two Japanese REITS; a portfolio of multifamily properties in Tokyo; and office assets across Japan.

Additional details of the transaction have not been disclosed.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Marriott International

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,900 properties across more than 30 leading brands in 141 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

Media

For KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
weijun.ong@kkr.com

For Marriott International
Ching Yee Wong
+65 9386 3082
chingyee.wong@marriott.com

Source: KKR

 

 

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KKR And Amante Capital Acquire Central London Hotel

KKR

London 08 May 2024 – KKR, a leading global investment firm, and its European hospitality partner Amante Capital, today announced the acquisition of the 132-bedroom Park Grand London Kensington Hotel from Bartek Holdings Limited. Terms of the transaction were not disclosed.

The transaction marks the first acquisition by KKR and Amante Capital since the launch of the vertically integrated hotel platform in 2022, and underscores KKR and Amante Capital’s strategic vision for the European hospitality sector. Amante Capital’s highly experienced team is focused on sourcing and acquiring hotel opportunities across Europe, asset management and operational capabilities.

Mai-Lan de Marcilly, Managing Director and Head of Transactions France and Hotels at KKR, said: “We are delighted to announce our first acquisition with Amante Capital since launching the strategic partnership. The transaction is a testament to the talented team, reaffirming our strong conviction in building a best-in-class operating platform to invest behind strong secular demand for European and UK hospitality and attractive pricing in a dislocated capital market.”

Following the acquisition, the property, located in London’s affluent Royal Borough of Kensington & Chelsea, is intended to undergo an extensive refurbishment to be repositioned as a boutique lifestyle hotel operated by Amante Capital under Marriott International’s Tribute Portfolio brand. The refurbishment is targeted to also enhance environmental credentials, reflecting KKR’s and Amante Capital’s commitment to an increasingly sustainable hospitality real estate industry.

The acquisition was made through KKR’s Real Estate Partners Europe II (“REPE II”), a fund dedicated to value-add and opportunistic real estate investments in Western Europe.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Amante Capital

Founded in 2022, Amante Capital is dedicated to investing in hotel real estate across Europe. With its experienced team specializing in origination, transactions, asset management, capex deployment and operations.

 

Media

KKR

KKR-Lon@FGSGlobal.com

Amante Capital

Info@amantecapital.com

 

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Blackstone Real Estate Completes Privatization of Tricon

Blackstone

Blackstone Remains Committed to Tricon’s Development Platform, including $1 Billion Pipeline of New Single-Family Homes in the U.S. and $2.5 Billion Pipeline of New Apartments in Canada; Plans to Improve Quality of Existing U.S. Single-Family Homes through an Additional $1 Billion of Capital Projects

All financial and share price-related information is presented in U.S. dollars unless otherwise indicated.

NEW YORK & TORONTO – Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced the closing of the previously-announced statutory plan of arrangement under the Business Corporations Act (Ontario) pursuant to which Blackstone Real Estate Partners X (“BREP X”), together with Blackstone Real Estate Income Trust, Inc. (“BREIT”), acquired all of the outstanding common shares of Tricon (“Common Shares”) for $11.25 per Common Share in cash (the “Transaction”) for a total equity transaction value of $3.5 billion. BREIT will maintain its approximately 11.6% ownership stake post-closing.

“This transaction marks an exciting new chapter in Tricon’s history, one poised to deliver exceptional outcomes for our residents,” said Gary Berman, President & CEO of Tricon. “In partnership with Blackstone, we have the capital and expertise to take our business to the next level, including growing our Canadian multi-family development platform that is providing much needed market rate and affordable housing supply. In the U.S., we will continue to help hard-working American families access quality single-family homes and good schools in desirable neighborhoods, and our commitment to genuine, caring customer service remains unwavering.”

Nadeem Meghji, Global Co-Head of Blackstone Real Estate, said, “We are thrilled to expand our partnership with Tricon and look forward to working with Gary and his team to grow the business, deliver additional high-quality apartment supply in Canada and single-family supply in the U.S., and continue Tricon’s track record of delivering a leading resident experience.”

The Common Shares are expected to be de-listed from the New York Stock Exchange on or about the opening of trading on May 2, 2024 and from the Toronto Stock Exchange on or about the closing of trading on May 2, 2024. It is anticipated that Tricon will apply to cease to be a reporting issuer under applicable Canadian securities laws and will deregister the Common Shares under the U.S. Securities Exchange Act of 1934, as amended.

For more information about the Transaction, please see the management information circular of the Company dated February 15, 2024 (the “Circular”) prepared in connection with the Transaction, and the Company’s subsequent related news releases, all of which are available on the SEDAR+ profile of Tricon at www.sedarplus.ca and Tricon’s filings with the SEC, including the Schedule 13E-3, which includes the Circular, on www.sec.gov.

The Company made a Return of Capital Distribution (as defined in the Circular) of approximately $3.10 per Common Share prior to the completion of the Transaction, representing approximately 28% of the total per Common Share consideration paid in connection with the Transaction, which, together with the Common Share Acquisition Price (as defined in the Circular) of $8.15, represents the $11.25 total consideration paid per Common Share to each shareholder of the Company (other than BREIT) in connection with the Transaction. Please see the Circular for a discussion of certain Canadian and U.S. federal income tax considerations relating to the Transaction.

Enclosed with the Circular was a letter of transmittal explaining how registered shareholders of the Company can submit their Common Shares in order to receive the consideration to which they are entitled in connection with the Transaction. Registered shareholders who have questions on how to complete the letter of transmittal should direct their questions to the Company’s transfer agent and depositary, TSX Trust, at 1-866-600-5869 (toll- free within North America) or at 416-342-1091 (outside of North America) or by email at txstis@tmx.com. Beneficial shareholders holding Common Shares that are registered in the name of an intermediary must contact their broker or other intermediary to submit their instructions with respect to the Transaction and to arrange for the surrender of their Common Shares in order to receive the consideration to which they are entitled in connection with the Transaction.

Advisors
Morgan Stanley & Co. LLC and RBC Capital Markets acted as financial advisors to Tricon. Scotiabank acted as independent financial advisor and independent valuator to the special committee of the board of directors of Tricon formed to evaluate the Transaction (the “Special Committee”).

Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Tricon in connection with the Transaction and Osler, Hoskin & Harcourt LLP acted as independent legal counsel to the Special Committee.

BofA Securities, Wells Fargo, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, PJT Partners, TD Securities and Desjardins Capital Markets acted as Blackstone’s financial advisors and Simpson Thacher & Bartlett LLP and Davies Ward Phillips & Vineberg LLP acted as legal counsel.

About Tricon Residential Inc.
Tricon Residential Inc. (NYSE: TCN, TSX: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto, Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon’s culture and business philosophy. We provide high-quality rental housing options for families across the United States and in Toronto, Canada through our technology-enabled operating platform and dedicated on-the-ground operating teams. Our development programs are also delivering thousands of new rental homes and apartments as part of our commitment to help solve the housing supply shortage. At Tricon, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Additional Early Warning Disclosure
BREIT, which made an initial $240 million exchangeable preferred equity investment in Tricon in 2020 and is maintaining its ownership stake, entered into a support agreement whereby it agreed to vote its Common Shares in favor of the Transaction. Immediately prior to the closing of the Transaction, BREIT indirectly held 35,210,634 Common Shares, representing an aggregate of approximately 11.6% of the then-outstanding Common Shares. Following the closing of the Transaction, Creedence Acquisition ULC (the “Purchaser”), a special purpose vehicle formed by BREP X to effect the Transaction, owns 100% of the outstanding Common Shares. Tricon is now a wholly-owned subsidiary of the Purchaser and BREIT will maintain an indirect ownership interest in Tricon. The consideration of $11.25 per Common Share received by shareholders (other than BREIT) represents approximately C$15.46 per Common Share based on the CAD-USD exchange rate published by the Bank of Canada on April 30, 2024. An early warning report with additional information in respect of the foregoing matters will be filed and made available on SEDAR+ at www.sedarplus.ca under Tricon’s profile or may be obtained directly upon request by contacting the Blackstone contact person named below. The head offices of the Purchaser, BREP X and BREIT are located at 345 Park Avenue, New York, New York 10154. The head office of Tricon is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7.

Forward-Looking Information
Certain statements contained in this news release may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the following: statements with respect to the delisting of the Common Shares and Tricon ceasing to be a reporting issuer following closing of the Transaction as well as statements regarding the intended conduct and growth of the Company’s business following closing of the Transaction.

Such forward-looking information and statements involve risks and uncertainties and are based on management’s current expectations, intentions and assumptions. Accordingly, although the Company believes that the expectations and assumptions on which the forward-looking information contained in this news release is based are reasonable, undue reliance should not be placed on the forward-looking information because Tricon can give no assurance that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including those described in Tricon’s annual information form and Tricon’s management’s and discussion and analysis for the year ended December 31, 2023 and in the other subsequent reports filed on the SEDAR+ profile of Tricon at www.sedarplus.ca and Tricon’s filings with the SEC, as well as the Schedule 13E-3 and Circular filed by Tricon.

The forward-looking information contained in this news release represents Tricon’s expectations as of the date hereof, and is subject to change after such date. Tricon disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

This press release also includes forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward -looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or other similar words or the negatives thereof. These may include financial estimates and their underlying assumptions and statements about plans, objectives, intentions, and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance, development pipeline and identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in BREIT’s prospectus and annual report for the most recent fiscal year, and any such updated factors included in BREIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein (or in BREIT’s public filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward -looking statements, whether as a result of new information, future developments or otherwise.

Contacts
Wissam Francis
EVP & Chief Financial Officer

Wojtek Nowak
Managing Director, Capital Markets

Email: IR@triconresidential.com

Tricon Media Contact:
Tara Tucker
Senior Vice President, Corporate and Public Affairs
Email: mediarelations@triconresidential.com

Blackstone Media Contact:
Jillian Kary
212-583-5379
Jillian.Kary@Blackstone.com

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Ardian and Prelios SGR secured a EUR 50 million green loan with Crédit Agricole CIB for the properties in piazza Fidia 1 and via Roncaglia 12 in Milan

Ardian

The ESG and architectural features of both buildings attracted leading Italian and international tenants and allowed to structure a financing based on the Green Loan Principles.
• This confirms that Ardian’s Build-to-Green+ strategy, even in a difficult market environment, is able to deliver positive performance and help stabilize the portfolio.

Ardian, a world-leading private investment house, and Prelios SGR, among leading Italian real estate and securities SGRs, secured a EUR 50 million green loan with Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB) Milan Branch, which acted as Mandated Lead Arranger, Underwriter, Bookrunner and Green Structuring Advisor and Coordinator. The green loan will be used by AREEF 2, the multi-fund Sicaf wholly owned by Ardian and managed by Prelios SGR, to refinance the two buildings in Piazza Fidia 1 and Via Roncaglia 12 in Milan.

The two buildings have undergone a major redevelopment plan according to the highest international standards, primarily well-being and energy efficiency. The exceptional ESG and architectural features of both buildings enabled AREEF 2 SICAF to optimize the management of the assets by leasing them to leading national and international tenants and to obtain financing on favourable terms. This confirms the effectiveness of Ardian’s Build-to-Green+ strategy, which continues to guarantee excellent performance while helping to stabilize the portfolio.

‘Primo Building’, the property in Piazza Fidia 1, covers approximately 8,725sqm of GLA distributed over 11 floors, mainly for office use, and was completely renovated based on a design by architect Stefano Belingardi. The building is one of the few existing buildings classified as NZEB (Nearly Zero Energy Building), it is 34% more efficient than a standard Grade A building with four ESG certifications (LEED Platinum, BREAAM Very Good, WELL Silver, WIREDSCORE Certified) and it already fits the Paris Agreement in terms of CO2 emission targets.  Today the building is the Milan headquarters of Satispay.

The building in Via Roncaglia 12, which recently won Urbanfile’s ‘Architecture and Urban Planning Award 2023′, has a surface area of 7,664 square metres on 10 floors, mainly for office use, and was entirely renovated thanks to a project by the Garretti Associati architecture studio. It boasts LEED Platinum and BREAAM Very Good certifications and is already compliant with the Paris Agreement for CO2 emissions. The building is almost entirely rented out to national and international tenants of high standing.

PARTIES TO THE TRANSACTION

  • PARTICIPANTS

    • CRÉDIT AGRICOLE CIB LEGAL ADVISOR: GIANNI & ORIGONI (GOP)
    • ARDIAN LEGAL ADVISOR: CHIOMENTI
    • LEGAL DUE DILIGENCE: PEDERSOLIGATTAI
    • TECHNICAL DUE DILIGENCE: YARD REAAS
    • ESG DUE DILIGENCE: ARUP
    • NOTARY: CORTUCCI NARDI NOTAI ASSOCIATI

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ABOUT PRELIOS SGR

Prelios SGR is a company in the Prelios Group and one of Italy’s largest asset managers, with assets under management of approx.€ 8 billion.
It is active in the promotion, creation and management of real estate alternative investment funds (AIFs) and credit funds, advisory and separate account management, for leading Italian and international institutional investors. Prelios SGR is a pioneer in the innovation of investment products, as regards both asset classes and typologies. It set up one of the first externally managed SICAFs and manages the largest UTP fund in Italy and one of the largest in Europe. Prelios SGR has established high standards and control systems for governance, risk management and transparency, while maintaining high operating flexibility. Reflecting its commitment to promoting sustainability, the company is a member of the UN PRI – Principles for Responsible Investment network and of GRESB.

ABOUT CREDIT AGRICOLE CIB

Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 10th largest banking group worldwide in terms of balance sheet size (The Banker, July 2023). More than 8,900 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank’s clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and is currently a market leader in this segment with a complete offer for all its clients.
For many years Crédit Agricole CIB has been committed to sustainable development. The Bank was the first French bank to sign the Equator Principles in 2003. It has also been a pioneer in Green Bond markets with the arrangement of public transactions from 2012 for a wide array of issuers (supranational banks, corporates, local authorities, banks) and was one of the co-drafter of Green Bond Principles and of the Social Bond Guidance. Relying on the expertise of a dedicated sustainable banking team and on the strong support of all bankers, Crédit Agricole CIB is one of the most active banks in the Green bonds market.

PRESS CONTACTS

ARDIAN

IMAGE BUILDING

ardian@imagebuilding.it

IMAGE BUILDING

prelios@imagebuilding.it

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